THREAD: Wall Street millionaires are in a full meltdown over President Biden’s proposal to raise taxes on the richest Americans.
“It is insanity,” said @ScottMinerd, a billionaire.
“It is insanity,” said @ScottMinerd, a billionaire.
President Biden's plan would nearly double the capital gains tax for people making more than $1 million a year. That money would be used to:
- Establish a national paid leave program
- Fight poverty
- Reduce child care costs
- Make pre-k and community college free to all
- Establish a national paid leave program
- Fight poverty
- Reduce child care costs
- Make pre-k and community college free to all
The Financial Times reports that “financial lobbyists geared up” to fight Biden’s plan as “howls of protest echoed from Wall Street to Silicon Valley.”
ft.com/content/b4b054…
ft.com/content/b4b054…
“This isn’t about feeling sorry for millionaires,” said hedge fund founder Anthony @Scaramucci, who is worth $200,000,000.
Billionaire @ScottMinerd added, “That’s not because I’m a Wall Street capitalist.”
Minerd previously said the COVID pandemic would "create a structural underclass" and "exacerbate the long-term trend that we’ve had of wealth and income inequality."
Minerd previously said the COVID pandemic would "create a structural underclass" and "exacerbate the long-term trend that we’ve had of wealth and income inequality."
Biden wants a 39.6% rate on capital gains for those earning at least $1 million of annual investment income, up from 37%.
The increase would ensure people who work for a living don't pay higher rates than people who make a living from investments. axios.com/biden-capital-…
The increase would ensure people who work for a living don't pay higher rates than people who make a living from investments. axios.com/biden-capital-…
Brad Dillon, a senior wealth strategist, called Biden’s proposed 2.7% capital gains tax increase a “shocking figure out the gate.”
He said he’s looking to Senators Joe Manchin and Kyrsten Sinema to block it.
He said he’s looking to Senators Joe Manchin and Kyrsten Sinema to block it.
Increasing capital gains taxes on the wealthy "might kill the golden goose that is America," said @TimDraper, who is worth $1.5 billion.
Meanwhile, income inequality in the United States today is higher than it was in Rome before the fall of the empire.
smithsonianmag.com/history/fall-r…
Meanwhile, income inequality in the United States today is higher than it was in Rome before the fall of the empire.
smithsonianmag.com/history/fall-r…
.@mwsonnenfeldt, a co-founder of @NoLabelsOrg, is also upset about increasing the capital gains tax on the wealthy.
He's the chair of Tiger 21, a membership network focused on "wealth preservation" for 850 members with at least $10 million to invest.
He's the chair of Tiger 21, a membership network focused on "wealth preservation" for 850 members with at least $10 million to invest.
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